9 Best Renovation Loan in Singapore to Save Costs [2022]

Want a new look for your house but is worried about the costs?

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    Have you been working at home for too long and thinking about renovating your home for a new look? Or are you planning to sell your home and want to increase its value with a renovation?

    If you are unsure of where to look for the best renovation loan in Singapore, worry no more!

    In this article, we have arranged a list of the 9 best renovation loan in Singapore to help you save costs.

    1. OCBC EasiCredit

    best renovation loans in Singapore_yvonne
    Type of InformationDetails
    Websitehttps://www.ocbc.com/personal-banking/loans/easicredit-flexible-repayment-cash-loan
    Contact+65 6363 3333 (24 Hours)
    Highlights to Note– Flexible repayment period and loan tenure
    – Approval and disbursement is almost instantly when you apply via Myinfo
    – Eligibility: Singaporean / Singapore PR above 21 years old with an annual income of at least S$20,000 OR
    Foreigners above 21 years old with an annual income of at least S$45,000
    – Apply for EasiCredit online before 30 June 2021 to get S$60 cashback and a promotional interest rate of 6% per annum from now till 30 September 2021
    – Annual fee waiver for your EasiCredit account up till the age of 29

    OCBC EasiCredit provides convenient access to cash via Mobile Banking, Internet Banking, ATM, and cheque. The repayment period and loan tenure are also flexible. OCBC EasiCredit approval and disbursement is almost instantly when you apply via Myinfo.

    You are eligible to apply for this loan if you are a Singaporean or Singapore PR above 21 years old with an annual income of at least S$20,000. For foreigners, you would need to be above 21 years old with an annual income of at least S$45,000.

    The maximum loan, interest rate, and minimum repayment is based on your annual income, as per the table shown below: 

    For annual incomeS$20,000 – S$29,999S$30,000 – S$119,999S$120,000 and above
    Maximum loanUp to 2x your monthly incomeUp to 4x your monthly incomeUp to 6x your monthly income
    Prevailing interest rate29.80% per annum20.90% per annum20.90% per annum
    Minimum repayment5% of outstanding amount OR S$50, whichever is higher3% of outstanding amount OR S$50, whichever is higher3% of outstanding amount OR S$50, whichever is higher

    Moreover, OCBC is currently running a promotion for EasiCredit. If you apply for EasiCredit online before 30 June 2021, you can get S$60 cashback and enjoy a promotional interest rate of 6% per annum from now till 30 September 2021.

    You can also enjoy an annual fee waiver for your EasiCredit account up till the age of 29!

    2. Standard Chartered CashOne

    best renovation loans in Singapore_yvonne
    Type of InformationDetails
    Websitehttps://www.sc.com/sg/borrow/loans/cashone/
    Contact+65 6747 7000 (24 Hours)
    Highlights to Note– Get up to $1,200 cashback and interest rates as low as 3.48% p.a. (EIR 6.95% p.a.)
    – Loan disbursed within 15 minutes to any existing bank account of your choice
    – Flexible repayment loan tenure from 1 to 5 years
    – Eligibility: aged between 21 to 65 years
    – For Singaporeans and Singapore Permanent Residents, your minimum annual income needs to be S$20,000
    – For foreigners, your minimum annual income needs to be S$60,000 and you must hold a Singapore Employment Pass – For existing Standard Chartered credit cardholders, no documents are required for the application of this loan
    – From now till 30 June 2021, will match any personal loan rate you received from a competitor bank

    Standard Chartered CashOne Personal Loan lets you get up to $1,200 cashback and interest rates as low as 3.48% p.a. (EIR 6.95% p.a.) Your loan will also be disbursed within 15 minutes to any existing bank account of your choice. Similar to other banks, there is also a flexible repayment loan tenure from 1 to 5 years.

    The cash back works according to the table below:

    Approved Loan AmountTenure (Years)New Client CashbackExisting Client Cashback
    S$5,000 to $9,9993, 4 or 5
    S$10,000 to S$20,0003, 4 or 5S$200S$100
    S$20,001 to S$50,0003, 4 or 5S$300S$200
    S$50,001 to S$100,0003, 4 or 5S$600S$500
    S$100,001 to S$250,0003, 4 or 5S$1200S$1000

    You are eligible for this loan if you are aged between 21 to 65 years. For Singaporeans and Singapore Permanent Residents, your minimum annual income needs to be S$20,000. For foreigners, your minimum annual income needs to be S$60,000 and you must hold a Singapore Employment Pass.

    On the other hand, for existing Standard Chartered credit cardholders, no documents are required for the application of this loan. However, if there has been a recent change in your income, you would need to submit your updated documents for review during the application process.

    On top of the above, Standard Chartered is running a promotion till 30 June 2021, where they are willing to match any personal loan rate you received from a competitor bank. All you have to do is text LOAN<space>MATCH to 77222.

    3. CIMB CashLite

    best renovation loans in Singapore_yvonne
    Type of InformationDetails
    Websitehttps://www.cimb.com.sg/en/personal/banking-with-us/loans-financing/personal-loans-financing/cimb-cashlite.html
    Contact+65 6333 7777
    Operation HoursDaily
    9 am to 7 pm
    Highlights to Note– 1 to 5 years personal installment loan at rates from 3.50% p.a.
    – For new CIMB customers, applying for CIMB Platinum Mastercard online using the promotion code “CASHLITE”
    – For existing CIMB customers, enjoy the rates of 4.50% by applying CIMB Platinum Mastercard / CIMB Visa Signature / CIMB World Mastercard / CIMB Visa Infinite
    – Eligibility: Singaporean / Singapore PR with at least S$30,000

    CIMB CashLite allows you to take up a 1 to 5 years personal installment loan, at rates from 3.50% p.a. The interest rates and loan tenure are shown in the table below:

    Loan Amount S$1,000 and Above

    Tenure (Years)New-To-Bank PromotionExisting Customers
    Interest Rate (p.a)Effective Interest Rate (p.a.)Interest Rate (p.a)Effective Interest Rate (p.a.)
    13.50%6.40%4.50%8.21%
    23.50%6.58%4.50%8.41%
    33.50%6.60%4.50%8.41%
    43.50%6.58%4.50%8.36%
    53.50%6.54%4.50%8.29%

    For new CIMB customers, you can enjoy the rates of 3.50% by applying for CIMB Platinum Mastercard online using the promotion code “CASHLITE”. Do note that you need to be a Singaporean or Singapore PR with at least S$30,000.

    For existing CIMB customers, you can enjoy the rates of 4.50% by applying for the following credit cards. Do note that you also need to be a Singaporean or Singapore PR with at least S$30,000.

    • CIMB Platinum Mastercard
    • CIMB Visa Signature 
    • CIMB World Mastercard
    • CIMB Visa Infinite

    4. RHB Renovation & Furnishing Loan

    best renovation loans in Singapore_yvonne
    Type of InformationDetails
    Websitehttps://rhbgroup.com.sg/rhb/personal/home-and-property
    Contact1800 323 0100
    Highlights to Note– Flexible repayment period from 1 year to 5 years
    – Choose from Flat Rate Package / Monthly Rate Package
    – If the loan is still not enough, you can apply for Additional financing for home furnishings
    – Eligibility: Singaporeans / Singapore Permanent Residents between 21 to 55 years old
    – Main applicant must be earning at least S$30,000 per annum
    – Joint applicant must earn a minimum income of at least S$30,000 for the income to be computed as part of the loan quantum
    – Joint applicant must be gainfully employed and is a spouse, parent, sibling, or child of the main applicant
    – Either the main or the joint applicant must be the owner of the property to be renovated

    RHB Renovation & Furnishing Loan boasts of offering an amount up to 6 times your monthly salary or S$30,000, whichever is lower. The loan also provides a flexible repayment period from 1 year to 5 years. There are two interest rate packages to choose from, either a Flat Rate Package or a Monthly Rate Package.

    Flat Rate Package

    Loan TenureLoan Amount below $15,000Loan Amount $15,000 to $30,000
    Interest Rate (%p.a.)Effective Interest Rate (%p.a.)Interest Rate (%p.a.)Effective Interest Rate (%p.a.)
    1 year3.688.602.987.32
    2 years3.687.902.986.60
    3 years3.687.602.986.31
    4 years3.687.412.986.14
    5 years3.687.272.986.02

    Monthly Rate Package

    Loan TenureInterest Rate (%p.a.)Effective Interest Rate (%p.a.)
    1 year4.18% p.a.
    (Renovation Board Rate-4.07%)
    6.00
    2 years4.18% p.a.
    (Renovation Board Rate-4.07%)
    5.11
    3 years4.18% p.a.
    (Renovation Board Rate-4.07%)
    4.80
    4 years4.18% p.a.
    (Renovation Board Rate-4.07%)
    4.64
    5 years4.18% p.a.
    (Renovation Board Rate-4.07%)
    4.55

    Additional financing for home furnishings

    Loan TenureInterest Rate (%p.a.)Effective Interest Rate (%p.a.)
    1 year8.80
    (Prime Lending Rate+3.10)
    10.59
    2 years8.80
    (Prime Lending Rate+3.10)
    9.71
    3 years8.80
    (Prime Lending Rate+3.10)
    9.40
    4 years8.80
    (Prime Lending Rate+3.10)
    9.24
    5 years8.80
    (Prime Lending Rate+3.10)
    9.14

    To be eligible for this loan, you need to be a Singaporean or a Singapore Permanent Resident between 21 to 55 years old. The main applicant must be earning at least S$30,000 per annum.

    The joint applicant must earn a minimum income of at least S$30,000 for the income to be computed as part of the loan quantum. Also, the joint applicant must be gainfully employed and is a spouse, parent, sibling, or child of the main applicant. Lastly, either the main or the joint applicant must be the owner of the property to be renovated.

    5. DBS Green Renovation Loan

    best renovation loans in Singapore_yvonne
    Type of InformationDetails
    Websitehttps://www.dbs.com.sg/personal/promotion/renoloan-promo
    Contact1800 111 1111
    Operation HoursDaily
    8 am to 12 am
    Highlights to Note– Installing solar panels, home battery, or EV chargers: 2.68% p.a. interest rates and a S$100 rebate
    – Switching to a green utility provider: 2.68% p.a. interest rates and a S$30 rebate
    – DBS Home Loan Customer: 2.98% p.a. interest rates
    – Apply for Green Renovation Loan: 3.68% p.a. interest rates
    – To qualify for Green Renovation Loan, fulfil any 3 items which include using certified low-VOC paints, energy efficient lightings and ceiling fans instead of air-conditioners
    – Promotion will end on 30 June 2021

    If you are planning to give your home a sustainable makeover, DBS Green Renovation Loan will be able to assist you with interest rates from as low as 2.68% p.a.

    The more green you go, the lower your interest rates, as shown below:

    Loan PlanInterest Rates
    Installing solar panels, home battery or EV chargers2.68% p.a. interest rates and a S$100 rebate
    Switching to a green utility provider2.68% p.a. interest rates and a S$30 rebate.
    DBS Home Loan Customer2.88% p.a. interest rates
    Apply for Green Renovation Loan3.68% p.a. interest rates

    To qualify for the most basic Green Renovation Loan, you would need to fulfil any 3 items which include using certified low-VOC paints, energy-efficient lightings, and ceiling fans instead of air-conditioners. For the full checklist, please refer to the website link provided in the table above.

    Do note that this promotion will end on 30 June 2021.

    6. HSBC Personal Line of Credit Balance Transfer

    best renovation loans in Singapore_yvonne
    Type of InformationDetails
    Websitehttps://www.hsbc.com.sg/loans/choose-your-loan/#flexible-repayments
    Contact+65 6472 2669
    Highlights to Note– 6 months repayment package: 0% p.a. interest rates
    – 12 months repayment package: S$0 processing fee

    HSBC Personal Line of Credit Balance Transfer allows you to finance your personal goals via the attractive interest rates as shown below:

    Repayment Period6 months12 months
    For Amount < SGD10,0000% p.a. with processing fee of 2.50%
    (EIR 5.47% p.a.)
    4.88% p.a. with no processing fee
    (EIR 4.88% p.a.)
    For Amount ≥SGD10,0000% p.a. with processing fee of 1.50%
    (EIR 3.26% p.a.)
    4.88% p.a. with no processing fee
    (EIR 4.88% p.a.)

    HSBC Personal Line of Credit Balance Transfer is more flexible as it allows you to choose between 6 months or 12 months repayment period. The benefit of 6 months repayment period is the 0% interest rates, whereas the benefit of 12 month repayment period is the S$0 processing fees. If you are more concerned about long-term charges, then you can opt for the 6-months repayment package.

    7. Citi Quick Cash

    best renovation loans in Singapore_yvonne
    Type of InformationDetails
    Websitehttps://www.citibank.com.sg/loans/quick-cash.htm?icid=SGCFAK2ENLOMMHEIL
    Contact+65 6225 5225
    Operation HoursDaily
    8 am to 8 pm
    Highlights to Note– Enjoy up to S$400 GrabFood Voucher when you apply for a Personal Loan before 31 May 2021
    – Able to apply for a loan through Citi Mobile App
    – Repay loan with plans of up to 60 months
    – Unutilized credit limit can be converted to cash

    Citi Quick Cash is currently running a promotion. You can get to enjoy up to S$400 GrabFood Voucher when you apply for a Personal Loan before 31 May 2021. The value of the voucher is based on the loan size, as shown below:

    Loan size/amountLoans booked via Citi Mobile® App
    Minimum cumulative amount of S$10,000$50 GrabFood Voucher
    Minimum cumulative amount of S$20,000$150 GrabFood Voucher
    Minimum cumulative amount of S$50,000$400 GrabFood Voucher

    One service that Citibank stands out from competitors is the ability to apply for a loan through the Citi Mobile App, which provides added convenience. You can also choose to repay your loans with plans of up to 60 months. If you have an unutilized credit limit, you can even convert them to cash!

    The table below shows the personal loan interest rates and fees:

    For new to Citi customers taking a minimum loan amount of $20,000

    Tenure (months)1224364860
    Nominal Interest Rates (per annum)0.00%4.00%3.99%4.01%4.05%
    Processing Fee (%)3.50%0.00%0.00%0.00%0.00%
    Effective Interest Rates (per annum)7.85%7.50%7.50%7.50%7.50%

    For new to Citi customers taking a loan amount of less than $20,000

    Tenure (months)1224364860
    Nominal Interest Rates (per annum)0.00%4.82%4.55%5.72%5.79%
    Processing Fee (%)3.50%0.00%0.00%0.00%0.00%
    Effective Interest Rates (per annum)7.85%9.00%8.50%10.50%10.50%

    8. Friday Finance

    best renovation loans in Singapore_yvonne
    Type of InformationDetails
    Websitehttps://www.fridayfinance.sg
    ContactTel:
    +65 6303 0306
    +65 8774 9906

    Email:
    [email protected]
    Operation HoursMonday – Friday
    10 am – 6 pm
    Highlights to Note– Licensed moneylenders regulated by the Registry of Moneylenders of the Ministry of Law in Singapore
    – Apply for loans with MyInfo
    – Will refund 50% of the administrative fees when your loan is fully repaid on time
    – Monthly interest rate starts from 1%
    – Administrative fee starts from 2%
    – Online calculator allows you to key in your loan amount, preferred loan term, and preferred interest rates to project estimated monthly repayment amount

    Friday Finance is a licensed moneylender regulated by the Registry of Moneylenders of the Ministry of Law in Singapore. Friday Finance allows you to apply for loans with MyInfo, which provides added convenience and security.

    Friday Finance stands out from commercial banks as they would refund 50% of the administrative fees when your loan is fully repaid on time, allowing you to save more.

    The monthly interest rate starts from 1% and the administrative fee starts from 2%.

    With its online calculator, you can key in your loan amount, preferred loan term, and preferred interest rates to project estimated monthly repayment amount.

    9. State Bank of India Personal Loans

    best renovation loans in Singapore_yvonne
    Type of InformationDetails
    Websitehttps://sg.statebank/personal-loans
    Contact1800 724 7464
    Operation HoursMonday to Friday
    9.30 am – 5.45 pm

    Saturday
    9.30 am – 12.30 pm
    Highlights to Note– Loan amount of minimum SGD5,000 and maximum SGD100,000
    – Term Loan Package: Monthly Repayment is fixed (Principal +Interest)
    – Overdraft Package: Monthly Repayment may vary on the amount utilized (Fixed Principal repayment + Interest on the amount utilized)
    – Choose between loan tenures of 1, 2, 3, 4, and 5 years
    – Application can be initiated online but required to visit branches after approval of the loan
    – Debit card with a MasterCard facility is provided upon request
    – Cheque Book facility is optional

    State Bank of India Personal Loans requires you to take a minimum loan of SGD5,000 and a maximum of SGD100,000. You can choose between Term Loan or Overdraft, as per the description below:

    • Term Loan – Monthly Repayment is fixed (Principal +Interest)
    • Overdraft – Monthly Repayment may vary on the amount utilized (Fixed Principal repayment + Interest on the amount utilized)

    Interest Rate Packages for Term Loan

    Tenure (Years)12345
    Nominal Interest Rates (per annum)4.66%4.55%4.27%5.44%5.79%
    Effective Interest Rates (per annum)^8.50%8.50%8.00%10.00%10.50%

    Interest Rate Packages for Overdraft

    Tenure (Years)12345
    Effective Interest Rates (per annum)^10.50%10.50%10.00%12.00%12.50%

    State Bank of India Personal Loans allows you to choose between loan tenures of 1, 2, 3, 4, and 5 years. The application can be initiated online but you are required to visit any of their branches after approval of the loan. Debit card with MasterCard facility is provided upon request and cheque Book facility is optional.

    Conclusion

    Do you have any reviews and comments to share regarding our choices for the best renovation loans in Singapore?

    While SBO is committed to supporting our local businesses, we welcome any feedback and anonymous sharing regarding your experience with the listed agencies for renovation loans in Singapore.

    We hope that this guide will be useful in helping you to make an informed decision when it comes to finding the best renovation loans in Singapore.

    If you are looking for interior designers for renovation, do check out our article here!

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